The FAQ information presented here is accurate as of the date of publication, but it should not be cited or relied upon as legal authority. It is highly recommended that individuals consulting these FAQs obtain legal advice from a qualified attorney.

This publication is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions.

If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy.

If you plan to file for bankruptcy protection, you must get credit counseling from a government-approved organization within 18 days before you file. You also have to complete a debtor education course before your debts can be discharged.